subject: Five Of The Most Common Errors Made When Planning Your Estate [print this page] Let's look at the factsLet's look at the facts. Estate planning has so many aspects to consider. The typical person without any training in estate law can't know it all. Mistakes will be made if the individual doesn't seek the expert counsel of a talented New York estate planning attorney.
Below are the five most common mistakes made when one attempts to do his own estate planning:
1. Assuming Your Family Won't Fight Over Your Estate. We've all heard of people we know fighting with their siblings over the property their parents had when they died. You look at your kids and grandkids and assume they could never do that to each other. They're not greedy, after all. Certainly greedy people can and do go after their siblings in estate battles, but it's just as likely that the sentimental value of property will cause children to stand against one another. A significant monetary figure is not likely to be placed on items such as old teddy bears, photos, or other such sentimental items. Still, these items could mean the world to one or more individuals involved. This can lead to a court battle if there's been no clear division of property. A New York probate lawyer can help you avoid this.
2. Forgetting To Change Your Will. Many people believe that once a will has been drafted it'll never have to be touched against until the estate is being divided. This is not true. Your will can become outdated almost as soon as it's been written. For instance, if you purchased a new car or plot of land after the will was drafted, that property will not be covered. And if you just had a new grandchild he won't be covered either. Let a New York probate lawyer determine what could warrant a review of your will and plan accordingly. He will let you know when you should update it.
3. Falsely Believing Estate Plans Are Just For The Rich. Many believe that estate planning just isn't worth the effort, as their estates are so small. Many people would be shocked if they realized what their estate is really worth, especially once a home and lot is factored into the total. More often than not estates wind up exceeding the tax-free limit placed on estates. This can result in tremendous penalties for those you're leaving property to. Get an executor attorney and your accountant to help determine just how valuable your estate is.
4. Appointing Estate Managers Based On Family Position. Emotions tend to rule the day when it comes to appointing the managers of your estate. Your middle son was always your favorite, so you feel he should be appointed as head of the estate. Decisions such as these should always be based on the skill of the individual. Don't let anyone manage anything unless they have the ability and the time to do it effectively. The impartiality of an executor lawyer may help you make the decisions that are best for everyone involved.
5. Failing To Make An Estate Plan At All. This has to be the mistake that is made the most! You put it off and put it off, knowing you'll eventually get around to it. Then you forget, and it never happens. Even if your family doesn't fight over it, they could hurt from this lack of planning in taxes or probate court's red tape. Have an attorney help you set up a proper estate plan. If you have minor children you need cared for, look to a guardianship attorney for assistance. A living will attorney will help you if you're concerned about what will happen should you ever become incapacitated.
Five Of The Most Common Errors Made When Planning Your Estate
